Enservco Corporation Provides Further Update on Plan to Regain Compliance with NYSE American Listing Standards

Core Points - Enservco has entered into a Common Stock Purchase Agreement to secure a $10 million equity line of credit, allowing the company to sell up to 7,310,000 shares of common stock, which represents 19.99% of the total shares outstanding prior to the agreement [1] - The company converted $2.2 million of debt into equity, demonstrating confidence in its financial position [1][2] - Enservco plans to issue $1.25 million of equity to finalize the acquisition of Buckshot Trucking LLC, which is expected to close in the third quarter of 2024 [1][14] - The company is focused on reducing reliance on seasonal frac heating services by shifting towards more stable hot oiling and energy logistics services [10][11] Financial and Compliance Status - Enservco is working to cure its stockholder equity deficit to meet the NYSE American listing standards, aiming for a minimum of $6 million in stockholder equity [2][9] - The company has requested a hearing to appeal the NYSE Regulation's determination to delist its common stock, with the hearing date to be communicated to stockholders [5][12] - During the appeal period, Enservco's stock will continue to be listed and traded on the NYSE American exchange [13] Strategic Initiatives - The Updated Plan includes strategic initiatives to rationalize assets and enhance the company's cost structure, aiming for long-term sustainability [11] - The acquisition of Buckshot Trucking is expected to provide year-round cash flow and earnings visibility, expanding Enservco's service offerings and customer base [11][14]